Nonfarm payroll rise only 18,000 in June

WASHINGTON (MarketWatch) -- The U.S. economy added jobs at a slower pace in June than in May, suggesting that the sudden slowdown in the economy might be longer-lasting and more severe than feared. Nonfarm payrolls rose by only 18,000 in June, well below the 125,000 gain expected by economists surveyed by MarketWatch. Job gains in May were revised down to 25,000 in May from the initial estimate of 54,000. Employment rose by an average of 215,000 per month from February through April but now has only averaged 22,000 over the past two months. The unemployment rate ticked higher to 9.2% in June from 9.1% in the previous month. This is the highest level since December. Economists had expected the unemployment rate to remain steady. Average hourly earnings were flat in June and up only 1.9% over the past year.

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